After three years of negotiations, India and the UK have signed a free trade agreement which encompasses trade in both goods and services, and would “unlock new potential for the two nations to jointly develop products and services for global markets.”
The new trade agreement will reduce Indian import taxes on British goods including:
- whisky,
- cosmetics,
- medical devices,
- cars,
- airplane parts and
- lamb
When imported to the UK, duties will not apply to 99% of Indian exports such as textiles, marine products, leather, footwear, toys, gems and jewelry.
Britain said the deal is expected to increase bilateral trade by 25.5 billion pounds ($34 billion) a year from 2040 and add almost 5 billion pounds ($6.7 billion) a year to the British economy.
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